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FSA set to take over regulation of sale and rent back agreements

As the UK recession continues unabated more and more homeowners, especially those of an older age, have been forced to consider sale and rent back agreements on their homes. The fact that the schemes often ensure that the properties are acquired at a sub-market price in order for the tenant to remain in the property, often until their death, has caught the attention of the regulators. This is an issue which has been ongoing for some time and one which would appear to have cost many customers substantial amounts of money.

The FSA will be looking into claims by many customers that they were offered unfair deals and often put under pressure to sign there and then. The situation is very much worse for the older generation who are struggling more and more to meet their energy costs and general everyday living expenses. The option of receiving a substantial amount of money in their hands in exchange for rented accommodation in the future would appear to have caught the eye of many homeowners, although very often they do not understand the fine print and the way these contracts work.

It will be interesting to see how long it takes the FSA to instigate a full investigation of the sector, which until now has effectively escaped attention from the regulatory authorities.

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